Latest Ratios: P/E Ratio -15.9x · EV/EBITDA 10.2x · ROE -148.6%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $2.1B | $1.5B | $1.7B | $2.7B | $2.9B | $3.1B | $3.7B | $3.6B | $3.0B | $2.3B |
| Enterprise Value | $3.7B | $3.3B | $2.9B | $3.2B | $4.2B | $3.9B | $4.2B | $4.9B | $4.2B | $3.4B | $2.8B |
| P/E Ratio → | -15.91 | — | — | — | 12.81 | 24.31 | 17.33 | 20.09 | 21.08 | 23.73 | 66.10 |
| P/S Ratio | 2.21 | 1.83 | 1.05 | 1.02 | 1.62 | 2.06 | 2.59 | 2.85 | 3.15 | 3.08 | 2.55 |
| P/B Ratio | 89.42 | 72.13 | 7.58 | 2.73 | 3.88 | 4.26 | 4.90 | 6.95 | 10.50 | 10.27 | 16.32 |
| P/FCF | 9.45 | 7.83 | 29.02 | 18.08 | 15.86 | 15.16 | 12.76 | 22.92 | 22.55 | 24.61 | 32.59 |
| P/OCF | 7.80 | 6.47 | 11.51 | 8.40 | 8.65 | 9.79 | 8.93 | 13.37 | 14.15 | 17.18 | 18.14 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.83 | 2.04 | 1.87 | 2.50 | 2.82 | 3.48 | 3.76 | 3.73 | 3.45 | 3.05 |
| EV / EBITDA | 10.18 | 8.98 | 7.79 | 8.34 | 9.26 | 9.40 | 11.07 | 11.77 | 13.22 | 13.78 | 13.91 |
| EV / EBIT | 14.31 | — | — | 38.00 | 12.56 | 18.28 | 15.00 | 17.13 | 16.09 | 16.53 | 17.28 |
| EV / FCF | — | 12.09 | 56.21 | 33.18 | 24.36 | 20.69 | 17.17 | 30.20 | 26.75 | 27.54 | 38.92 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.5% | 39.5% | 32.3% | 27.9% | 34.2% | 36.9% | 38.3% | 37.3% | 36.8% | 33.8% | 30.2% |
| Operating Margin | 22.4% | 22.4% | 18.5% | 15.2% | 20.4% | 22.1% | — | 25.4% | 23.2% | 20.9% | 17.7% |
| Net Profit Margin | -14.3% | -14.3% | -30.6% | -0.3% | 12.7% | 8.5% | 14.9% | 14.2% | 14.9% | 13.0% | 3.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -148.6% | -148.6% | -104.1% | -0.8% | 30.8% | 17.9% | 30.9% | 42.2% | 53.6% | 58.2% | 10.6% |
| ROA | -9.1% | -9.1% | -18.5% | -0.2% | 8.1% | 4.9% | 8.1% | 10.6% | 15.1% | 14.3% | 4.4% |
| ROIC | 14.2% | 14.2% | 10.7% | 9.1% | 13.2% | 13.4% | — | 18.2% | 23.9% | 24.5% | 20.5% |
| ROCE | 17.1% | 17.1% | 12.9% | 10.9% | 14.7% | 14.3% | — | 21.4% | 27.6% | 27.6% | 23.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 41.84 | 41.84 | 7.45 | 2.43 | 2.19 | 1.96 | 2.09 | 2.31 | 2.18 | 1.52 | 3.38 |
| Debt / EBITDA | 3.37 | 3.37 | 3.95 | 4.05 | 3.40 | 3.17 | 3.52 | 2.98 | 2.32 | 1.83 | 2.42 |
| Net Debt / Equity | — | 39.21 | 7.10 | 2.28 | 2.08 | 1.56 | 1.69 | 2.21 | 1.95 | 1.22 | 3.17 |
| Net Debt / EBITDA | 3.16 | 3.16 | 3.77 | 3.79 | 3.23 | 2.51 | 2.84 | 2.84 | 2.07 | 1.46 | 2.26 |
| Debt / FCF | — | 4.26 | 27.19 | 15.10 | 8.51 | 5.53 | 4.41 | 7.28 | 4.20 | 2.93 | 6.33 |
| Interest Coverage | -0.94 | -0.94 | -4.48 | 0.89 | 5.36 | 4.15 | 5.99 | 5.08 | 7.92 | 11.20 | 8.31 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.15 | 1.15 | 1.87 | 1.81 | 2.25 | 2.70 | 2.81 | 2.15 | 2.31 | 2.40 | 2.16 |
| Quick Ratio | 0.60 | 0.60 | 1.01 | 0.96 | 1.15 | 1.80 | 1.97 | 1.16 | 1.26 | 1.36 | 1.05 |
| Cash Ratio | 0.23 | 0.23 | 0.26 | 0.26 | 0.25 | 1.02 | 1.15 | 0.26 | 0.42 | 0.57 | 0.22 |
| Asset Turnover | — | 0.71 | 0.70 | 0.65 | 0.61 | 0.56 | 0.52 | 0.60 | 0.86 | 1.05 | 1.09 |
| Inventory Turnover | 3.80 | 3.80 | 4.20 | 3.95 | 3.28 | 3.64 | 3.97 | 3.82 | 3.75 | 4.02 | 4.19 |
| Days Sales Outstanding | — | 39.76 | 44.64 | 45.51 | 54.54 | 50.21 | 50.03 | 44.10 | 39.93 | 38.44 | 38.34 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 7.8% | 4.1% | 5.8% | 5.0% | 4.7% | 4.2% | 1.5% |
| FCF Yield | 10.6% | 12.8% | 3.4% | 5.5% | 6.3% | 6.6% | 7.8% | 4.4% | 4.4% | 4.1% | 3.1% |
| Buyback Yield | 2.2% | 2.6% | 0.0% | 5.3% | 5.4% | 3.8% | 2.8% | 0.2% | 1.3% | 0.2% | 0.0% |
| Total Shareholder Yield | 2.2% | 2.6% | 0.0% | 5.3% | 5.4% | 3.8% | 2.8% | 0.2% | 1.3% | 0.2% | 0.0% |
| Shares Outstanding | — | $36M | $36M | $36M | $38M | $40M | $42M | $42M | $43M | $43M | $42M |
Rapid equity base erosion
According to current market data, Ingevity trades at a forward P/E of 15.64, a multiple that appears difficult to justify given the company's recent history of negative net margins and the structural decline in its core automotive carbon segment as reported in recent financial filings.
The disconnect between the forward P/E and the trailing negative earnings suggests that the market may be pricing in a recovery that is not yet supported by operational performance. Investors should monitor whether this valuation reflects a genuine turnaround expectation or merely a failure to adjust for the permanent impairment of the company's asset base.
Based on reported figures, Ingevity's ROIC has remained consistently low, hovering between 1.7% and 4.5% over the last ten quarters, which indicates that the company is failing to generate returns that exceed its likely cost of capital during this period of significant operational transition.
The inability to drive meaningful ROIC suggests that the capital deployed in recent acquisitions has not yielded the expected synergies. This trend warrants further investigation into whether the company's core business model can still generate value or if it is trapped in a cycle of diminishing returns.
As reported in financial statements, Ingevity's cash conversion cycle has remained elevated, often exceeding 100 days, which highlights significant inefficiencies in managing inventory and receivables compared to historical norms and industry peers in the specialty chemicals sector.
The persistent DIO levels suggest that the company is struggling to align production with actual demand, leading to bloated inventory levels that tie up critical cash. This inefficiency appears to be a structural drag on the company's ability to self-fund operations during periods of revenue contraction.
According to recent SEC filings, Ingevity's debt-to-equity ratio has surged to an extreme 30.96, a figure that reflects the rapid erosion of the equity base rather than just an increase in absolute debt levels, signaling a highly vulnerable balance sheet position for investors.
The dramatic rise in this ratio indicates that the company's financial flexibility is severely constrained, leaving little room for error in its debt service obligations. Stakeholders should monitor the interest coverage ratio closely, as the recent negative figures suggest that the company may face significant refinancing risks.
The P/E ratio is frequently misapplied to Ingevity, as it obscures the impact of massive, recurring non-cash impairment charges that distort net income and fail to reflect the underlying cash-generating capacity of the core automotive and chemical business units.
Analysts should instead focus on EV/EBITDA or P/FCF to better understand the operational reality, as these metrics are less sensitive to the accounting volatility that has plagued the company's bottom line. Relying on P/E in this context may lead to a fundamental misunderstanding of the company's true valuation.
Includes 30+ ratios · 13 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NGVT stock.
Ingevity Corporation's current P/E ratio is -15.9x. The historical average is 26.5x.
Ingevity Corporation's current EV/EBITDA is 10.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.8x.
Ingevity Corporation's return on equity (ROE) is -148.6%. The historical average is 6.0%.
Based on historical data, Ingevity Corporation is trading at a P/E of -15.9x. Compare with industry peers and growth rates for a complete picture.
Ingevity Corporation has 39.5% gross margin and 22.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ingevity Corporation's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.